Bill > HR3705

This bill, the Financial Regulatory Clarity Act of 2015, requires several federal financial regulatory agencies, including the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA), the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC), to conduct a review before issuing any new regulation or order. This review involves assessing existing federal regulations and orders to determine if the proposed rule conflicts with, is inconsistent with, or is duplicative of current rules, and also to identify if any existing rules are outdated. If such issues are found, the agencies are required to take steps to resolve them and then report their findings and recommendations for repealing or amending conflicting, inconsistent, duplicative, or outdated laws and regulations to Congress. Importantly, courts are prevented from overturning agency actions solely based on whether these review requirements were met.